PEORIA, Ill. (WMBD) — Former Illinois Gov. Pat Quinn visited Peoria Wednesday, speaking in favor of a statewide referendum that, if approved, could bring property tax relief to Illinois homeowners.
It’s called the Property Tax Relief Amendment, and it would tax those who make more than $1 million a year an extra 3% on their property taxes.
According to a study done by the Illinois Department of Revenue, it could generate more than $4.5 billion in relief, and Quinn said it could be a big help for middle-class families.
"This can help people living paycheck to paycheck and not wanting that property tax bill to drive them out of their house. Home ownership is important in Illinois, and I think we’ve got to do something at the ballot box to straighten things out," he said.
One of Quinn’s main points was that Illinois has the second highest property taxes in the nation, along with what he described as a "complicated and confusing" property tax system. This could, if passed, help with both of those issues.
Specifically, he brought up that more than 3 million households in Illinois paid more than $23.2 billion in property taxes according to most recent Illinois Revenue Department data.
Locally, Quinn said 328 of the more than 77,000 millionaires in the state belong in Peoria County, and more than 47,000 households would be entitled to a property tax rebate.
This could have a host of benefits, according to Quinn, including stimulating economies. Putting more money in people’s pockets means they have more to spend.
"By giving property tax rebates on an annual basis, guaranteed by the Illinois Constitution, we’re helping people who don’t admire money in the bank vault when they get a property tax rebate. They’re going to spend that money in their local economy to help their families and to buy the things they need," he said.
The question will be on the ballot for the Nov. 5 election. Technically, lawmakers do not have to take any action if a referendum passes, but it’s a way for voters to make their voices heard.
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October 9, 2024 at 04:21PM
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